Process was fast and easy, very friendly associates
June 2017, I applied of HELOC with PNC Bank. My credit score excellent. Debt to income ratio well within limits. Plenty of equity in house ... over $105,000.00 in equity. At my job over 30 years.
They denied me. No reason given.
I have an 805 Credit score and have worked in the same industry for 15 years, have been at my home for 5 years. I normally get the lowest interest rate on everything i apply for. 5/3 bank rep at the branch told m e the HELOC rates are a "touch" above 3. After i jumped through all the hoops, sent all the required info, they came back w/ a 5.25% rate. I was floored. My brother applied for one w/ a different bank and got a 2.99% rate. The rep went on to tell me that the lowest they can give anyone is 3.9%, because they do prime + .4%, which is still high and something he should have told me when i asked him in the 1st place before i applied. Look around at other banks and you can find a much cheaper rate.
They get you through the entire application process based on your estimated income and home values (that they provide to you from their system ). At the very end, they will increase the rate because the appraisal came in lower than anticipated (or whatever other reason they can find). They quickly go over the interest rate on the phone without actually explaining the increase or the reason for it. They gloss over the increase, if you do not pay close attention, you will get screwed. They will claim to go back through their records and listen to the phone call, but will not give you access to the recorded call or a transcript of what was said. BEWARE!
I had an auto loan from them and even making payments on time they would still call and pester me about payments all the time. I had to take a block all MILLIONS of their numbers. Their customer service is horrible. If you get someone its an indian and you can't understand them. Their payments, if you give them your bank account info are withdrawn earlier and earlier each month. After the second year I figured out that I had made a whole extra payment because they were shaving a few days off each month. So the first month it would be due the 15th then next month the 11th then the next the 6, etc. After 2 years I added up all the payments and I had made 25 payments in 2 years. What a sham! They are a horrible company and I am GLAD to be rid of them. I had to pay the loan off early, 3 years early to get them to quit with the harassment. Hope this company goes under...
I'm unhappy they I have to get them 1 star, this company gets NONE!
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